A guide to how the Federal Government's Private Health Insurance Reforms will affect your policy from 1 April 2019.
In late 2017 the Health Minister announced a number of wide ranging private health insurance (PHI) reforms that come into effect in 2019. These reforms will focus on improving affordability and reducing the complexity of private health insurance products. They centre around making private health insurance easier to understand and encouraging younger people to consider taking it out.
During September and October 2018 the Government finalised the legislation and rules that govern these changes. With the finalisation of these reforms we now have an understanding of exactly what the upcoming changes are and how they will affect our Members. We’ve put together a table which provides a brief update on some of the key changes Members can expect to see as a result of the reforms.
Will there be any changes to my cover?
Throughout this process our main focus has always been our Members and we have been determined to keep any changes to products to a minimum for existing Members.
The majority of our Members will not be impacted however unfortunately there will be some small changes for some Members as a result of these reforms. There are also a number of positive changes to products as well. There will be a mixture of changes to hospital products as a result of the new clinical categories. These changes will be communicated to Members at the same time as our premium rate notifications in February 2019. Please keep an eye out for these notifications and contact our team if you have any questions.
There will also be some required changes made to our extras products with the removal of natural therapies, however the introduction of Chinese Medicine into some of our extras products will be a great addition. We will also be increasing our dental benefits for a scale and clean for all Members.
The Private Health Insurance Reforms means there’s a lot changing in our industry and we have worked hard to ensure positive outcomes for Members of Territory Health Fund. To review what's changing and when, read our guide here or click on a section that's relevant or of interest to you below.
What are my options?
1. You don't have to do anything as these changes will just happen.
2. Contact our friendly team if you'd like to have a chat.
3. Ask us for a cover review.
To make it easier for consumers to understand their coverage and more simply make comparisons, all health insurers must now use the same standard set of clinical definitions and categories to communicate which treatments and services are covered.
Vital Hospital (Bronze+) will be a great value mid-level cover, ideal if you're a young or a healthy person who doesn't want to pay for hospital services you're less likely to need.